Despite an economy that accelerated throughout the 21st century to become the sixth largest in the world, the Indian work culture is still predominantly hierarchical in structure and based on seniority, position and status. Building a trusting relationship is paramount, with Indians often preferring introductions from a third party they already know.
Business attitudes at the top level draw confidence from the economy’s strength. India had a nominal GDP in 2021 of 2,946 billion US dollars, 6th in the world, accounting for 3.10% of the global economy. A 9.50% growth rate in 2021 made it the world’s fastest-growing economy, and Goldman Sachs predicts that by 2035 only China and the US will have economies larger than India’s.
India’s population of over 1.4 billion includes a workforce of around 500 million, tens of millions of which are in the largely unregulated, ‘unorganized’ economy. However, a significant proportion is highly-motivated, well-educated English speakers, fueling the country’s economic growth. IT, telecommunications and software development are at the core of the change in the services sector, featuring international companies such as Intel, Meta, Google and Microsoft.
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